Clothier thriving

Heavy promotions help Jos. A. Bank 4Q sales

April 09, 2009|By Andrea K. Walker | Andrea K. Walker,andrea.walker@baltsun.com

Jos. A. Bank Clothiers Inc. says the kind of heavy promotions for which it has been criticized in the past is helping it through a turbulent economy.

The Hampstead-based men's retailer said yesterday that fiscal fourth-quarter comparable sales, or for those stores open at least a year, jumped 13 percent, while yearly sales increased 8.9 percent.

Net income for the fourth quarter ended Jan. 31 was $30.4 million, or $1.66 per share, compared with $26.5 million, or $1.45 per share, the year before.

Net income for fiscal year 2008 was $58.4 million, or $3.17 per share, compared with $50.2 million, or $2.72 per share, the year before. Internet and catalog sales were down 0.2 percent for the year. The company said that was because there weren't as many bargains in those areas as in the stores.

The company has been offering $199 suits and recently launched a program that promised to refund the money on suits if customers lose their jobs. And they get to keep the suits.

"We're offering aggressive prices," said Chief Executive Officer R. Neal Black. "The promotions are working. Customers are price-sensitive right now, and we're giving them what they want."

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.